4 of the Major Financial Technology Trends in 2019

Each year, tech trends reinvent the way we interact with the world—including financially. From increased customer consent over data sharing to AI-driven financial advisors, these four of the many financial technology trends expected to emerge in 2019 may impact your life.

Mobile banking

Mobile apps are redefining the banking industry in 2019. From depositing checks to applying for loans, almost anything that required a visit to the bank can now be accomplished from your phone. Banks are expected to focus on creating a seamless and user-friendly digital presence and not so much on the appearance of their buildings.

AI-driven wealth managers

Automated wealth managers driven by artificial intelligence are expected to play a huge role in the investment industry this year. These bots are designed to help people make the best financial decisions with algorithms that calculate optimal investment opportunities, interest rates, and the best loan providers.

Open banking gives customers more consent over data sharing

Banking data can be shared with third parties without a customer’s consent or knowledge, but this is expected to chance in 2019. Banks will begin to implement application programming interfaces that provide customers with options to control which third parties can access to their data. These open banking APIs will also increase collaboration in the banking industry, and will likely lead to further improvements in customer service and financial transparency for account holders.

Voice-first banking

Voice-first devices are expected to completely alter the way traditional banking interactions take place in 2019. Rather than having traditional conversation, many financial institutions will allow customers to complete account transfers, establish account alerts, and make payments using voice commands.

Whether you work in the financial industry or simply have a bank account, these financial technology trends will likely have a huge impact on your life in 2019.